Chambers Elected CFO by Ashland Inc. Board

COVINGTON, Ky., May 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- At its meeting today, the board of directors of Ashland Inc. (NYSE: ASH) elected Lamar M. Chambers senior vice president and chief financial officer, effective June 1. Chambers, currently vice president and controller, succeeds J. Marvin Quin, who is retiring after 36 years of service.

Chambers joined Ashland in 1976. His wide range of responsibilities has included a variety of positions in global financial accounting and analysis, as well as operational roles with Ashland's former petroleum and transportation construction businesses. He became controller in 2004 and will continue to handle those additional responsibilities until a replacement is named.

A native of Marietta, Ga., he earned a bachelor's degree in business administration from the University of West Georgia in 1976. He is also a graduate of the Executive Development Program at Indiana University's Kelly School of Business and a member of the American Institute of Certified Public Accountants.

Ashland Inc., a diversified, global chemical company, provides quality products, services and solutions to customers in more than 100 countries. A FORTUNE 500 company, it operates through four divisions: Ashland Performance Materials, Ashland Distribution, Valvoline and Ashland Water Technologies. To learn more about Ashland, visit www.ashland.com .

FORTUNE 500 is a trademark of Time Inc.

SOURCE Ashland Inc.

http://www.ashland.com